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- 1. Multiple Choice
The main tool of fiscal policy is
the Commonwealth govt budget.
the GST
the Cash Rate
govt spending
- 2. Multiple Choice
A surplus budget is one where
government revenue is less than government spending
government revenue exceeds government expenditure
spending on imports exceeds export earnings
spending on imports is less than export earnings.
- 3. Multiple Choice
A deficit budget is one where
government revenue is less than government spending
government revenue exceeds government revenue
spending on imports exceeds export earnings
spending on imports is less than export earnings.
- 4. Multiple Choice
The most desirable budget outcome is
a balanced budget.
a surplus budget.
a deficit budget
one appropriate for current economic conditions.
- 5. Multiple Choice
The Federal Treasurer is
Josh Frydenberg
Scott Morrison.
Julie Bishop
Paul Keating
- 6. Multiple Choice
Which government department is responsible for the budget?
The RBA
Treasury.
The Parliament
The liberal party
- 7. Multiple Choice
A budget deficit is a
net leakage from the circular flow of income.
net injection into the circular flow of income
a leakage.
an injection
- 8. Multiple Choice
The largest single source of government revenue is
Personal income tax.
The GST
Company Tax
Fuel excises.
- 9. Multiple Choice
The impact lag for fiscal policy is
shorter than for monetary policy.
longer than for monetary policy.
about the same as for monetary policy.
long and indeterminate
- 10. Multiple Choice
Which of the following do you think would have the greatest impact on economic activity?
A $1bn increase in government spending.
A $1bn tax cut.
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